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What to Know Before Buying a Home in Franklin Town, MA

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Get Familiar with the Lay of the Land in Franklin Town, MA

Thinking about buying a home in Franklin Town? Awesome! You've chosen a lively city with an ideal amount of parks, businesses, and educational opportunities, and we're here to help make your home purchase and move a little easier. We serve 3.8 million customers nationwide and know the Franklin Town housing market well.

Franklin Town's amazing growth has made it a great place to live. But on the flip side, the growth has also led to a shortage of cheaper homes. Ongoing economic growth and cultural expansion have helped to entice young families, new businesses, and retirees to the Franklin Town area, but so much change also means a strain on housing options, school capacities, and city roads. That said, Franklin Town and the surrounding areas still offer a variety of home types and prices. You can find townhomes, condos, single-family homes, duplexes, and (hopefully) your perfect home! When buying a house in Franklin Town, double check that you're factoring in the home's distance from your daily activities. If you can, test drive your route to work, school, and the grocery store. The location of your house will impact virtually every part of your life. Traveling around Franklin Town will also give you an idea of why homes in west Franklin Town are priced differently than homes in east Franklin Town, what the communities are like, and where to find Franklin Town's coolest attractions.

Are your finances in the right place to buy a home in Franklin Town? Reach out to a Mr. Cooper Mortgage Professional if you don't know how to go about answering that question. We think the dream of homeownership should never fade and try our best to make the journey easier and more rewarding. You could choose to buy a home in Massachusetts or elsewhere. We work with first-time homeowners and experienced homeowners alike. Read through the following steps to help you determine if you're financially ready to buy a home in Franklin Town.

Before anything else, calculate how much house you can afford. This will help you narrow your search when house hunting in Franklin Town. Then, map out your potential monthly payments (including property taxes, insurance, home repairs, homeowners association fees, etc.). You don't need an exact amount for these expenses. While everyone's situation is different, an online search for Franklin Town averages will usually give you some solid estimates. Keep in mind that your monthly mortgage payment could make up the bulk of your monthly home expenses.

Now, look at how much money you can put toward a down payment. Placing a minimum of 20% down can improve your chances of getting a favorable rate and will allow you to avoid private mortgage insurance (PMI). However, the required down payment will depend on the type of loan you get. This is where getting prequalified for a mortgage comes in handy. Prequalification points you in the right direction as far as how much you may be eligible to borrow. Also, take a good look at your credit. Credit history is one of the main factors that lenders look at when considering your mortgage application. You may be presented with more mortgage options if you have healthy credit— and more options are always good!

Move Up and Out: Buying Your Dream House in Franklin Town, MA

While moving is a universal experience, it remains one of the top stressors that a person can experience in life. But moving feels more rewarding when you get to live in a place like Franklin Town. Contact Mr. Cooper as you get ready to buy a house in Franklin Town. We're here for you every step of the way and Mr. Cooper® Real Estate Rewards can even put you in touch with a vetted real estate agent who can potentially help you save thousands of dollars.*

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